Hi Cindy
These are some reports I found on MLSC I hope they are of interest to you. This is a long post I hope you don't fall asleep by the time your done reading it.
Tom
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
X Quarterly report under Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended
June 30, 1996
Transition report under Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from to
Commission File Number: 0-12627
MEDICAL DISCOVERIES, INC.
(Exact Name of Small Business Issuer as Specified in Its Charter)
Utah 87-0407858
(State or other jurisdiction (I.R.S. Employer Identification No
of incorporation or organization)
2040 East Murray-Holladay Road, Suite 116, Salt Lake City, UT 841
(Address of principal executive offices)
Page 1
(801) 273-7388
(Issuer's Telephone Number)
N/A
(Former Name, Former Address and Former Fiscal Year,
if Changed Since Last Report)
Check whether the issuer (1) filed all reports required to be filed by S
13 or 15(d) of the Exchange Act during the past 12 months (or for such s
period that the registrant was required to file such reports), and (2) h
been subject to such filing requirements for the past 90 days. X Yes No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant has filed all documents and reports require
be filed by Sections 12, 13, or 15(d) of the Exchange Act after the
distribution of securities under a plan confirmed by a court. Yes No
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes o
common equity, as of the latest practicable date: 21,361,786 as of July
1996.
Transitional Small Business Disclosure Format (check one)
Yes X No
Transmitted: 11/12/96 12:47 AM (MLSCQ1)
ITEM 1. FINANCIAL STATEMENTS
The following financial statements are
filed with this report:
Balance Sheets as of June 30, 1996 (unaudited) and June 30, 1995
(unaudited)
Statements of Operations for the Three-Month and Six-Month Periods ended
June 30, 1996 (unaudited) and June 30, 1995 (unaudited)
and since inception through June 30, 1996 (unaudited)
Statements of Cash Flows for the Six-Month Periods ended
June 30, 1996 (unaudited) and June 30, 1995 (unaudited)
Notes to Unaudited Financial Statements
Page 3
MEDICAL DISCOVERIES, INC.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
AS OF JUNE 30, 1996 AND JUNE 30, 1995
(UNAUDITED)
June 30, 1996 June 30, 1995
CURRENT ASSETS
Cash $ 139,709 $ 75,363
Accounts Receivable 44,639 12,500
Total Current Assets 184,348 87,863
PROPERTY AND EQUIPMENT
Equipment 63,129 42,092
Less: Accumulated Depreciation (9,148) (17,320)
Net Property and Equipment 53,981 24,772
OTHER ASSETS
Deposits 1,170 0
Note receivable 54,527 0
Deferred Federal R&D Tax Credits 0 118,561
License Agreement and
Marketing Rights 0 10,000
Total Other Assets 55,697 128,561
Total Assets $ 294,026 $ 241,196
CURRENT LIABILITIES
Accounts Payable $ 508,434 $ 103,081
Medical care deposits 0 6,833
Accrued interest 9,400 0
Current maturities of
notes payable 2,618 0
Total Current Liabilities 520,452 109,941
LONG TERM LIABILITIES
Notes payable 320,492 750,000
Total Long Term Liabilities 320,492 750,000
TOTAL LIABILITIES 840,944 859,914
Page 4
STOCKHOLDERS' EQUITY
Common Stock, no par value,
authorized 100,000,000 6,444,093 3,503,7
shares; issued and
outstanding
22,831,324 at
June 30, 1996
Retained Deficit (6,406,151) (4,122,4
Subscription receivables (584,860)
Total Stockholders' Equity (546,918) (618,7
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 294,026 $ 214,1
Page 5
MEDICAL DISCOVERIES, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF OPERATIONS
FOR THE PERIODS ENDED JUNE 30, 1996 AND JUNE 30, 1995
(UNAUDITED)
Cumulative
For the three months For the six months Amount
ended June 30, ended June 30, Novem
1991 (
1996 1995 1996 1995 ince
REVENUE
Clinical Fees $ - $ 1,367 $ - $ 1,367 $ 10
Total Revenue 0 1,367 0 1,367
EXPENSES
License 0 0 0 0 1,00
Research and
Development 89,517 15,668 150,248 42,477 2,25
General and
Administrative 399,881 74,101 573,610 145,492 3,04
Depreciation 3,125 2,161 5,915 4,043 1
Total
Expenses 492,523 91,930 729,773 192,012 6,31
NET LOSS FROM
OPERATION (492,523) (90,563) (729,773) (190,645) (6,20
OTHER INCOME/
(EXPENSE) (6,285) 0 (12,066) 0 (3
LOSS BEFORE
INCOME TAXES (498,809) (90,563) (741,839) (190,645) (6,24
AND EXTRAOR-
DINARY ITEM
INCOME TAXES - - 0 0
LOSS BEFORE
EXTRAORDI- (498,809) (90,563) (741,839) (190,645) (6,24
NARY ITEM
FORGIVENESS
OF DEBT - - 673,486 - 1,23
NET INCOME $ (498,809) $ (90,563) $ (68,353) $ (190,645) $(5,00
Page 6
INCOME/(LOSS)
PER SHARE
Loss from
continuing
operation $ (0.02) $ (0.01) $ (0.03) $ (0.01) $
Gain from
debt for- - - 0.03 -
giveness
Income/(loss)
per share $ (0.02) $ (0.01) $ (0.00) $ (0.01) $
WEIGHTED
AVERAGE
NUMBER OF
SHARES $22,603,903 $17,092,498 $22,308,461 $17,414,418 $16,74
Page 7
MEDICAL DISCOVERIES, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CASH FLOWS
FOR THE PERIODS ENDED JUNE 30, 1996 AND JUNE 30, 1995
(UNAUDITED)
Cumulative
For the six months Amounts s
ended June 30, November
1991 (dat
1996 1995 incepti
OPERATING ACTIVITIES
Net Income (Loss) for the
period $ (68,353) $ (190,645) $ (5,006,5
Add non-cash items
Depreciation 5,915 4,043 10,6
Common stock issued for
services and royalty
repurchase 199,050 3,215,6
Loss on disposal of equipment 6,3
Gain on Debt Restructuring (673,486) (1,235,5
Net Cash from Operations (536,874) (186,602) (3,009,5
WORKING CAPITAL CHANGES
Decrease (increase) in Accounts
Receivable 20,796 (12,500) 87,2
Decrease (increase) in
Prepaid Expenses 65,860
Decrease (increase) in Other Assets (1,1
Increase (decrease) in:
Advances to shareholders'
Accounts payable (28,060) (28,607) 263,0
Accrued Interest 2,365 2,3
Accrued Expenses 6,832 28,5
Net Cash from Working
Capital Changes 60,961 (34,275) 380,1
Page 8
INVESTING ACTIVITIES
Purchases of Equipment $ (10,685) (3,000) $ (62,7
Net Cash from Investing
Activities (10,685) (3,000) (62,7
FINANCING ACTIVITIES
Payment of notes payable (8
Increase in notes payable 13,989 315,6
Equity contributed 131,3
Proceeds from issuance of
common stock 574,458 283,200 2,385,6
Net Cash from Financing
Activities 588,447 283,200 2,831,9
NET INCREASE / (DECREASE) IN CASH 101,876 59,323 139,7
CASH, BEGINNING PERIOD 37,833 16,040
CASH ENDING PERIOD $ 139,709 $ 75,363 $ 139,7
Page 9
MEDICAL DISCOVERIES, INC.
NOTES TO FINANCIAL STATEMENTS
June 30, 1996
NOTES TO UNAUDITED FINANCIAL STATEMENTS
The unaudited financial statements include the accounts of Medical
Discoveries, Inc. and include all adjustments which are, in the opinion
management, necessary to present fairly the financial position as of Jun
1996 and the results of operations and changes in financial position for
three-month and six-month periods ended June 30, 1996. The results of
operations for the six months ended June 30, 1996 are not necessarily
indicative of the results to be expected for the entire year.
Transmitted: 11/12/96 12:47 AM (AMLSCB) |
